‘Sharing economy’ means every homeowner can make money from unused space

 In Home Insulation, Loft conversions

More Midlands homeowners will be able to make extra cash from renting out the space in their loft thanks to the rise in the so-called ‘sharing economy’.

We’re predicting that more people will be willing to explore the idea as a way to increase income.

A ‘sharing economy’ allows people to rent out anything which they are not using in order to generate additional money.

Companies such as AirBNB provide a platform for those who want to rent out short-term lodging in their properties and connects them with those who want a cheap place to stay. Meanwhile, firms including Stashbee and Roost link people with spare garage and loft space with those who are looking for cheap storage.

The BBC states that the traditional self-storage industry is worth around £440 million a year in the UK and more than $20 billion (£16 billion) in the U.S.

Cash in the attic

Lofts are often ignored spaces but with the right strategy, could literally be used to create ‘cash in the attic.’ Lofts are ideal for extra storage, an additional bedroom or a home office.

However, here’s a word of warning to any homeowners wishing to start up their own self-storage operation using one of the new online platforms. Insufficiently insulated lofts or the use of poor insulating materials can cause issues such as mould and damp to get even worse. Storing other people’s or your own belongings in a damp space can cause irreversible damage, which is something to carefully consider before signing up.

Lofts should be properly insulated using a high-quality insulating material such as spray foam.

Spray foam insulation is one of the best options available to anyone thinking about insulating their loft because it stops up to 98 per cent of heat from being lost from a home. This results in lower heating bills and a cosier environment.

Couple that with the potential to use your attic as a source of income and spray foam insulation is an investment that will pay for itself very quickly.

To discover more about loft conversions and spray foam insulation, call 0845 474 6641 or click here to request a call back.

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